On 20th February, the State Council has appointed Liu Shiyu , the chairman of Agricultural Bank of China to replace Xiao Gang as the chairman of China Securities Regulatory Commission (CSRC) and this is the first high-level personnel changes since the Lunar new year.

ANBOUND's research team is of the view that China’s stock market is still a "new emerging market" which is still troubled with many problems such as the trading system, the regulatory system and the market system, all of which require the attention of the new chairman.

Instead of hurrying into “making innovation”, the key tasks of the CSRC should be building solid foundations and drawing rules and regulations.

“Steady development” should be CSRC’s priority.